What Does it Mean to be a Fiduciary Advisor?

A fiduciary advisor is a financial advisor who is legally obligated to work in your best interest. A lot of times in the financial services industry, it isn’t very clear if your advisor is acting as a fiduciary or not. In financial advising, there are two standards, fiduciary and suitability. Fiduciary, as mentioned before, is always working in the best interest of the client, and if you aren’t, you have to disclose it. Suitability is looking if something is suitable for you. Though this may sound alright, it’s actually not. Technically, a 10 million dollar mortgage could be suitable for you, but it wouldn’t be in your best interest. Suitability doesn’t always mean it’s the right choice.

In the financial industry, there are a lot of sales transactions. For example, if you look at annuities, life insurance, and health insurance, these are all things that are sold to people by salesmen. A financial plan isn’t something that should be sold to you. Instead, you should have a fiduciary advisor going through the process with you to help determine the best course of action to reach your financial goals.

Ultimately, a fiduciary fee-only advisory firm is the best place to go if you aren’t looking for your advisor to sell you things.

Download our free guide: “Your Path to a Lifetime of Financial Success”

Have more questions? Contact Us

Casey Smith
President, Wiser Wealth Management

Click here to schedule a consultation with one of our financial planners.

Listen to Our Podcast:

Recent posts

  • Why Financial Planning is Different for Pilots
  • Tips for Transitioning to Retirement as a Pilot
  • Greenlight Debit Card 2024 Update
By Published On: December 9, 2022

Share This Story, Choose Your Platform!

Wiser Wealth Management, Inc (“Wiser Wealth”) is a registered investment adviser with the U.S. Securities and Exchange Commission (SEC). As a registered investment adviser, Wiser Wealth and its employees are subject to various rules, filings, and requirements. You can visit the SEC’s website here to obtain further information on our firm or investment adviser’s registration.

Wiser Wealth’s website provides general information regarding our business along with access to additional investment related information, various financial calculators, and external / third party links. Material presented on this website is believed to be from reliable sources and is meant for informational purposes only. Wiser Wealth does not endorse or accept responsibility for the content of any third-party website and is not affiliated with any third-party website or social media page. Wiser Wealth does not expressly or implicitly adopt or endorse any of the expressions, opinions or content posted by third party websites or on social media pages. While Wiser Wealth uses reasonable efforts to obtain information from sources it believes to be reliable, we make no representation that the information or opinions contained in our publications are accurate, reliable, or complete.

To the extent that you utilize any financial calculators or links in our website, you acknowledge and understand that the information provided to you should not be construed as personal investment advice from Wiser Wealth or any of its investment professionals. Advice provided by Wiser Wealth is given only within the context of our contractual agreement with the client. Wiser Wealth does not offer legal, accounting or tax advice. Consult your own attorney, accountant, and other professionals for these services.

Sign up for our newsletter!

Our latest blogs, podcasts, and educational videos delivered to your inbox weekly.